Medical Imaging Equipment Market By Product Type (X-ray Devices, Ultrasound Systems, Computer Tomography (CT) Scanners, Magnetic Resonance Imaging (MRI) Equipment, Nuclear Imaging Equipment), By Technology (X-ray Technology, Ultrasound Technology, Nuclear Imaging Technology), By Application (Cardiology, Neurology, Orthopedics, Urology, Others), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers) - Growth, Share, Opportunities & Competitive Analysis, 2019 – 2027

The medical imaging equipment market is expected to exhibit dynamic growth globally

The global medical imaging equipment market is increasing competently and is projected to grow at a CAGR of 4.9%. Worldwide, increasing diagnostic procedures have significantly increased demand. Innovative product launches in the cardiology, neurology, and orthopedics industries and a high pool of patients with abundant lifestyle conditions are key factors driving the overall growth of the medical imaging equipment market globally.

Medical imaging equipment uses energy waves to produce 2-D and 3-D images of human organs. However, the new technological assessments in the field of medical imaging equipment market are trending towards the manufacturing of cost-effective, minimally invasive, portable, and precise equipment.

X-ray devices are expected to register higher growth by the end of 2027

The X-ray devices market was the largest market in the base year of 2018 due to a high adoption rate and high market penetration, and it is one of the most mature markets in medical imaging. Stationary/fixed and portable are the major types of X-ray systems; portable X-ray devices are of two types, viz., mobile and handheld, and have high adoption rates due to their usability in ICUs and emergency departments.

Patient transfer from the designated unit to the radiology unit involves high risk to the patient’s health, along with additional logistic expenses. However, to overcome this problem, the preferences of medical practitioners are rapidly shifting toward the use of portable X-ray equipment.

The CT and Nuclear Imaging Technology segment is expected to register higher growth by the end of 2027

The CT scanner and nuclear imaging equipment technologies are expected to show the highest growth among all market segments during the forecast period. The most important factor driving these technologies is their capability to diagnose a large number of diseases effectively in less time. Overall, in the coming years, various technologically advanced products, such as handheld X-ray machines and upright MRI scanners, are expected to assist the growth of the medical imaging equipment market. Thus, utilization of these advanced medical imaging technologies in various medical institutes, such as hospitals and diagnostic labs, is expected to increase over time because these technologies are expected to reduce the installation cost and also provide the convenience of use.

According to market experts, in the near future, advanced medical equipment will be minimally invasive and easy to use. The manufacturers specifically involved in medical diagnostic systems are expected to mainly develop and produce inexpensive, energy-saving, and ergonomic medical equipment that requires minimal maintenance and possesses a low potential for risk.

The aging population, the adoption of high-end equipment, and the presence of top manufacturers hold the U.S. in a dominant position

In 2018, the U.S. was the leading market due to an increase in the adoption of imaging devices with growing awareness about early diagnosis with enhanced outcomes. Increasing demand for high-end ultrasound, nuclear imaging, X-ray, and MRI devices with multiple applications in hospitals and specialty clinics will drive market growth on a global scale.

The growth of portable devices and the demand for the ever-expanding range of medical imaging equipment in Asia and the Middle East will further spur the demand. Moreover, rising medical tourism in developing nations for cheaper treatment options will drive market growth.

Increased research and development with a strong product portfolio in the developed regions

Medical imaging technologies will play a vital role in the technological development of medical diagnostics and therapeutics. The significant growth observed in developing countries is expected to increase the demand for medical imaging equipment in the near future.

The major factors assisting the growth of the medical imaging equipment market are the portability of the equipment, the digitization of readings or measurement values, the development of hybrid imaging systems, and the rising adaptation of non-ionizing imaging modalities such as optical and ultrasound systems.

North America is the largest medical imaging equipment market because, according to experts, several market players have introduced state-of-the-art handheld portable devices for medical imaging, which has greatly benefited this market. Overall, faster adoption of technological innovations compared to other regions boosts the market for innovative products in this region.

Key Developments:

  • In January 2020, Hitachi Healthcare announced plans to create and develop a brand new R&D center in Twinsburg, Ohio. Presently, it sells and supports medical imaging devices, including CT, MRI, and ultrasound. Groups such as BioEnterprise, JobsOhio, and Team NEO have injected more than $50 million in capital expenditures in northeast Ohio. Earlier, Hitachi declared its plans to sell its healthcare division to Fujifilm for $1.6 billion.
  • In November 2018, Siemens Healthcare announced the launch of Magnetom Lumina 3T MRI scanners and Magnetom Altea 1.5T at the Radiology Society of North America meeting.
  • In February 2018, GE Healthcare launched the LOGIQ E10 ultrasound system, which is an artificial intelligence-based radiology ultrasound system.

Top Manufacturers:

  • GE Healthcare
  • Philips Healthcare
  • Siemens Healthcare
  • Hologic, Inc.
  • Shimadzu Corporation
  • Samsung Medison Co., Ltd.
  • Hitachi Medical Corporation
  • Genesis Medical Imaging, Inc.
  • Carestream Health, Inc.
  • Fujifilm Holdings Corporation
  • Fonar Corporation
  • Toshiba America Medical Systems, Inc.

Historical and forecast period

This study report represents the analysis for each segment from 2017 to 2027, considering 2018 to be the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.

Market Segmentation

The current report also encompasses qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall Medical Imaging Equipment market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.

Key questions are answered in this report

  • What are the current market trends and dynamics in the medical imaging equipment market, and what are the valuable opportunities for emerging players?
  • What are the top trends in the medical imaging industry?
  • Impact of IoT, AI, and other digital platforms along with mobile device penetration?
  • Which segment accounts for the fastest CAGR during the forecast period? Why?
  • Which product type segment holds a larger market share and why?
  • Are low- and middle-income economies investing in the medical imaging equipment market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, the Middle East, and Africa?

Frequently Asked Questions:

The market for Medical Imaging Equipment Market is expected to reach US$ XX Mn By 2027.

The Medical Imaging Equipment Market is expected to see significant CAGR growth over the coming years, at 4.9%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

GE Healthcare Philips Healthcare Siemens Healthcare Hologic, Inc. Shimadzu Corporation Samsung Medison Co., Ltd. Hitachi Medical Corporation Genesis Medical Imaging, Inc. Carestream Health, Inc. Fujifilm Holdings Corporation Fonar Corporation Toshiba America Medical Systems, Inc.are some of the major players in the global market.

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Published Date:  Mar 2020
Category:  Medical Devices
Report ID:   57783
Report Format:   PDF
Pages:   120
Rating:    4.1 (40)
Delivery Time: 24 Hours to 48 Hours   
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